CareCredit (medical credit card)

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samtex
Posts: 306
Joined: Thu Feb 04, 2010 12:07 am

CareCredit (medical credit card)

Post by samtex »

Years ago I found CareCredit was useful for some dental costs with their no interest plans. My current dentist doesn't use their service, in fact the person that handles the accounts acted like she had never hard of it. "We don't take discount plans" / I tried to explain it was a credit card, she said they take Visa etc. :oops: But I was wondering if CareCredit charges the dentist a fee and if it higher than Visa etc? I would think they must since so many would take advantage of their zero interest plans.

Samtex
Golfer--
Posts: 24
Joined: Sun Dec 20, 2020 11:07 pm

Re: CareCredit (medical credit card)

Post by Golfer-- »

Care Credit does charge the Provider. Also charges at a substantial higher rate than Visa card. Rate charge is dependent on the loan payment terms.
retire2044
Posts: 90
Joined: Sun Aug 31, 2014 12:17 pm

Re: CareCredit (medical credit card)

Post by retire2044 »

Care Credit does charge approximately 10% per transaction for our office. At my practice, we held out as long as possible before integrating Care Credit due to the fees, but people are more concerned with monthly payments than total price. We also raised our fees 10% across the board the month before accepting Care Credit. It actually has been a win, as we don't have to send out as many statements to collect payment. We also give 10% discount to full payment with cash on day of service. People like the options.
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ResearchMed
Posts: 16761
Joined: Fri Dec 26, 2008 10:25 pm

Re: CareCredit (medical credit card)

Post by ResearchMed »

retire2044 wrote: Thu Apr 22, 2021 8:45 pm Care Credit does charge approximately 10% per transaction for our office. At my practice, we held out as long as possible before integrating Care Credit due to the fees, but people are more concerned with monthly payments than total price. We also raised our fees 10% across the board the month before accepting Care Credit. It actually has been a win, as we don't have to send out as many statements to collect payment. We also give 10% discount to full payment with cash on day of service. People like the options.
What do you do about/for patients with good insurance, coverage that pays with no copay (after out of pocket is done). Do you consider that or the $20 co-pay as "full payment", or are they stuck with the higher 10%, too? (Well, it would be the insurer, but how would they feel about this?)

Does this mean that you are charged 10%, and the patient does *not* pay any interest at all?
Otherwise, why not just use Visa, etc.? Then the patients who prefer it can "pay per month', etc.
Do you give the 10% discount to patients who pay with Visa/etc., or perhaps 7%, to reflect the regular card processing fees? Or do those patients pay that extra 10% *and* their own interest rates?
Could get complicated.

I had not heard of Care Credit, so this is all new.

RM
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retire2044
Posts: 90
Joined: Sun Aug 31, 2014 12:17 pm

Re: CareCredit (medical credit card)

Post by retire2044 »

What most patients consider good insurance comes with a write off for the practice, so if you pay your co pay you do not get additional discount since they received the discount via their insurance policy.

Care Credit works by giving the patient 6-24 months to complete their payments interest free. If patients do not make the complete payment, interest rates are similar to credit cards.

We do not give any discount for credit card payments. I see your rationale, but has not been an issue. Most that pay credit cards off in full can also pay cash in my area.

Care Credit has been around since before I graduated in 2010, so fairly new.
Topic Author
samtex
Posts: 306
Joined: Thu Feb 04, 2010 12:07 am

Re: CareCredit (medical credit card)

Post by samtex »

Thanks for the replies!

Samtex
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